Every industry has been impacted by COVID-19 in some way or another. A few industries have been hit harder than others, and many could argue that the music industry has been one of the many industries that have been impacted the greatest. Not only did artists lose their jobs, but so did the men and women who worked behind the scenes or were in charge of ground control. A recent study was published by the European Authors Society (known as GESAC) which showed just how much music revenue in Europe had decreased. According to the study, the music revenue in Europe has slumped to about 76%. An astonishing percentage, but rather likely given the amount of time that has passed since COVID-19 first began.
The study covers not only how much money was lost in Europe’s music sector, but also how much revenue was lost in both the performing arts and creative sectors. For performing arts, the study estimates that the sector received a 90% drop in revenue, which would be close to $243 million (€200 billion). The study estimates that overall revenue in Europe’s creative sector has dropped 31%. The study goes on to cover other reports outside of entertainment sectors, including Europe’s Gross Domestic Product.
The GESAC reports that although there have been efforts from various European governments, it will not be enough to support the millions of people in Europe who are without work. Hopefully, this study is enough to enact a reaction from European governments.
Visit GESAC’s website for more information.
Feature Photo – TimArbaev
Source – The Hollywood Reporter